Credit - Law Dictionary Search Results
Home Dictionary Name: creditCredit information
Credit information, means any information relating to (i) the amount and the nature of loans or advances, amounts outstanding under credit cards and other credit facilities granted or to be granted, by a credit institution or any borrower; (ii) the nature of security taken or proposed to be taken by a credit institution from any borrower for credit facilities granted or proposed to be granted to him; (iii) the guarantee furnished or any other non-fund based facility granted or proposed to be granted or proposed to be granted by a credit institution for any of its borrowers; (iv) the credit worthiness of any borrower of credit institution; (v) any other matter which the Reserve Bank, consider necessary for inclusion in the credit information to be collected and maintained by credit information companies, and specify, by notification, in this behalf [Credit Information Companies (Regulation) Act, 2005, s. 2(d)]....
letter of credit
letter of credit :a document issued to a beneficiary at the request of the issuer's customer in which the issuer (as a bank) promises to honor a demand for payment by the beneficiary in order to satisfy or secure the customer's debt compare guaranty NOTE: A letter of credit is usu. requested by a buyer of merchandise (the issuer's customer) to be issued to the seller (the beneficiary) in order to secure the payment for the merchandise. In effect the letter of credit is considered to extend a line of credit or substitute the issuer's credit for the customer's. commercial letter of credit : a letter of credit which is used to satisfy payment for merchandise and which usually requires the beneficiary to present a draft and some documentary proof (as of shipment or receipt of the merchandise) when making a demand for payment irrevocable letter of credit : a letter of credit which the issuer cannot revoke or modify without the consent of the issuer's customer or the beneficiary stan...
credit
credit 1 : recognition see also full faith and credit 2 a : the balance in an account which may be drawn upon and repaid later compare loan b : the use of resources (as money) in the present obtained by the debtor's promise to repay the creditor in the future usually with interest as compensation to the creditor and often secured by a pledge of property or the right to attach the debtor's income in case of a failure to repay see also consumer credit compare debt c : financial reputation [to borrow money on the of the United States "U.S. Constitution art. I"] d : letter of credit 3 a : a deduction from an expense or asset account b : a reduction of an amount otherwise due ;esp : tax credit [a for child-care expenses] compare deduction, exclusion, exemption vt 1 : to supply goods on credit to 2 : to trust in the truth of 3 a : to enter upon the credit side of an account b : to place an amount to the credit of [ his account with ten dollars] ...
unified credit
unified credit : a tax credit applied against the unified transfer tax that is a cumulative credit gradually reduced by the amount of credit allowed for gifts made in preceding calendar periods NOTE: The total unified credit allowed as of 1987 is $192,800. The amount of the credit to be used in each period cannot exceed that period's tax liability, and so the credit may be gradually used up over a period of years. The unified credit is phased out once the amount of taxable gifts rises above a certain level. ...
Agricultural Credits Acts, 1923 and 1928
Agricultural Credits Acts, 1923 and 1928 (English) The 1923 Act to facilitate the advance of money and granting of credit for agricultural purposes and to amend the Improvement of Land Act, 1864. The Public Works Loans Commissioners are empowered to lend to associations money to be advanced upon mortgage to certain persons for the purpose of buying land for agricultural purposes. See the Act and the Agricultural Credits (Approved Associations) Regulations, 1923, and the Agricultural Credits (Advances to Credit Societies) Regulations, 1923. Under the Agricultural Credits Acts, 1928 and 1932, an agricultural loan company has been established for making long term loans, and also for short-term loans which may be charged on farming stock....
Credit scoring
Credit scoring, means a system which enables a credit institution to assess the credit worthiness and capacity of a borrower to repay his loan and advances and discharge his other obligations in respect of credit facility availed or to be availed by him [Credit Information Companies (Regulation) Act, 2005 (30 of 2005), s. 2(g)...
Credit-brokerage
Credit-brokerage, means the effecting of introduc-tions (a) of individuals desiring to obtain credit to persons carrying on any business so far as it relates to the provision of credit; or (b) of individuals desiring to obtain goods on hire to persons carrying on a business which comprises or relates to the bailment of goods under a contract for the hire of goods; or (c) of individuals desiring to obtain credit, or to obtain goods on hire, to other credit-brokers, Supply of Goods and Services Act, 1982, s. 18(1) (UK), Halsbury's Laws of England, Vol. 2, para 1855, p. 873...
Vote of credit
Vote of credit, in England, in conditions of National Emergency or War Parliament is called for to pass a vote of credit as it is impossible to draw up a detailed estimate of expenditure, however, votes of credit are regarded as undesirable in principle, Office of the Speaker in the Parliament of Commonwealth Wilding and Philip Laundy, p. 256.Vote of credit, the Lok Sabha in Indian Parliament is authorized to make grant known as vote of credit for meeting an unexpected demand for money when the demand cannot be stated with details due to the magnitude or the indefinite character of the service, Constitution of India, Art. 116....
credit repair companies
credit repair companies Private, for-profit businesses that claim to offer consumers credit and debt repayment difficulties assistance with their credit problems and a bad credit report. Source: U.S. Department of Housing and Urban Development ...
full faith and credit
full faith and credit : the recognition and enforcement of the public acts, records, and judicial proceedings of one state by another see also Article IV of the Constitution in the back matter compare choice of law, comity, federalism NOTE: Unlike comity, full faith and credit is a requirement created by the U.S. Constitution and the U.S. Code. A public law or a judicial decision may not, however, be entitled to full faith and credit for specific reasons (as for having been decided by a court not having jurisdiction). Full faith and credit is given only in civil cases; states recognize each other's criminal laws through the mechanism of extradition. ...